FAGIX

**Fidelity Capital & Income Fund (FAGIX) offers a balanced investment approach with a focus on income and capital growth.** Here's a detailed analysis:

1. **Investment Strategy**:
- **Income and Growth**: The fund aims to provide a combination of income and capital growth.
- **High-Yield Bonds**: It invests in equity and debt securities, including defaulted securities, with an emphasis on lower-quality debt securities.
2. **Portfolio Composition**:
- **Diversification**: The fund holds a diversified portfolio with a focus on high-yield bonds.
- **Risk Profile**: It has a high risk profile due to its investment in lower-quality securities.
3. **Performance Overview**:
- **Recent Performance**: As of the latest data, FAGIX has a 1-year return of 11.8% and a 3-year return of 3.5%.
- **Long-Term Performance**: Over the past 5 years, the fund has delivered an annualized return of 6.7%.
4. **Expense and Yield**:
- **Expense Ratio**: The fund has a relatively high expense ratio of 0.68%, which can impact overall returns.
- **Dividend Yield**: The fund has a trailing dividend yield of 5.19%, which is below the category average.
5. **Risk and Considerations**:
- **High Yield and Risk**: The fund's high-yield bond investment carries inherent risk of default and volatility.
- **Market Conditions**: The fund's performance is influenced by market trends, and it may not perform well in all market environments.
6. **Comparison and Context**:
- **Benchmark Comparison**: FAGIX's performance should be compared to a relevant benchmark, such as the S&P 500 or a similar income fund.
- **Investment Horizon**: The fund is suitable for investors with a longer investment horizon due to its balanced approach.

**In conclusion, FAGIX is a fund that balances income and capital growth through investment in high-yield bonds and lower-quality debt securities. It carries a moderate level of risk due to its high-yield bond investment and relatively high expense ratio. It is suitable for investors with a longer time horizon and a tolerance for moderate risk in search of a balanced investment approach.**